Robin Williams as Professor Keating in the acclaimed movie, Dead Poet’s Society proclaimed while standing on his desk, “The world looks very different from up here…Just when you think you know something, you have to look at it in a different way.”
Isn’t this the perfect opportunity to do just that? While many are paralyzed in fear, prepare yourself to catapult forward. As your trusted advisor, it is our job to impart wisdom and to guide you through the hazardous waters of insurance to a more profitable practice. What we are experiencing today is simply volatility. Patients still have mouths and teeth. People still eat candy and drink soda. My point is, people still need to see the dentist. The demand is not going away nor is it softened by time like a browning banana. When the dust settles, dental chairs will fill again.
So, do the important work now. While you have the time. While your competitors are reading a book or taking care of family or skipped town to vacation in Florida. Over the next few weeks, we will be outlining specific areas you should focus on to improve your practice during this downtime.
Clean up your practice management system. Clean up your insurance A/R. Study your business. What key performance indicators make your business hum? If you are looking to cut costs, turn off auto-deliveries, take inventory.
There will be significant pent up demand for dental services. What are you doing to strengthen your relationship with your patients? What are you planning for marketing? A new campaign? Maybe you should look into making investments in tools like Podium or Patient Prism?
Analyze your market, your competition, your PPO insurance participation and your office fee schedule. Many doctors are calling us to inquire about going in-network to attract new patients or to do a better job of retaining their existing patients. Are you aligned to take advantage of this opportunity? At most offices, more than 80% of practice revenue comes from insurance. Investing in your PPO participation and working to maximize reimbursements is critical to your long-term success.
Most important of all, surround yourself with trusted advisors. Nick Murray had this to say on the topic. “Think of an advisor as a coach that talks you out of mistakes, improves your behavior, and keeps you focused on the plan ahead. Now factor in the time, energy, and stress of going it alone. Which path do you think produces the best results?”
This is temporary. Do the important work now. Invest in your business and in yourself to return stronger than you were before.
Read practical tips to drive patient volume this fall. Tip #1, continue to communicate your offices protocols to keep patients safe.
Dental providers affected by COVID have a number of resources available to support their successful re-opening. CARES Act monies are available through August 3, 2020.
Join Five Lakes Founder and President Nick Partridge as he discusses what to do now that you've submitted your PPO termination letter.
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